How to Collect Customer Feedback in Digital Banking

While CRMs can provide you with valuable insights, the data in them is insufficient if you wish to continuously improve your services. For that, you need to gather direct feedback from your customers. So, how to do that?

Surveys

Starting with the surveys, they are an effective way to gather customer feedback in digital banking. Whilst phone calls, e-mails or messages on the chat after a conversation with a customer service representative are a good option, be sure to utilize your mobile app for surveys. You can use it not only to measure the satisfaction of your customer service but also to inquire about your services, products, and the customer’s expectations.

Focus Groups

You may also facilitate your app for recruiting customers into your focus group and then conducting the survey in the app. This way, you will reach out to more customers at the same time,

Additionally, since members of the younger generation prefer apps, you might consider building two focus groups – one in traditional means and the second via the app. This way, you will have data to compare, which will help you adjust your customer service strategy.

Social Media

While this might seem unusual, social media profiles are actually an excellent way to gather valuable information that you wouldn’t get otherwise. A simple post like “If you could change one thing about our mobile app, what would it be” can provide you with invaluable insights that will fuel your further actions.

Remember here that each generation might prefer different social media platforms – take that in mind when gathering information.

CRM Data

While surveys and focus groups are an excellent way to gather feedback in digital banking, you still need to combine them with metrics from your CRMs. What data should you use in this case?

• customer retention rates,
• customer churn rates,
• customer loyalty indicators,
• customer effort score.

Look for dependencies between these metrics, general customer information (age, ethnicity, geolocation, gender, etc.), and their customer journeys to find out what might cause higher (or lower) retention rates, engagement, or conversion rates. Combine it with the data gathered through direct feedback to get a full overview.

How to Leverage Customer Feedback in Digital Banking

You collected all the data, and you’ve juxtaposed the information from your CRM and direct feedback, so how do you utilize all of these now to provide better customer service in your digital banking?

First of all, you should group up your clients. Mobile-only customers should be treated separately from those who use both traditional and digital channels and those who rarely use online banking. You may also introduce different types of segmentation, such as those based on age (or generation).

Segmenting is crucial since members of each category have different priorities, so planning how you act on feedback based on segmentation helps you address the most important aspects for all the customers rather than focusing on a particular group that has the most representatives in your feedback collection.

And, since we are on the topic, yes, you should prioritize the findings. Feedback isn’t only about finding areas of improvement but rather about uncovering what matters the most for your customers. You have to look at the bigger picture here.

For instance, imagine that the main feedback responses about your app pointed out that: customers want investment tutorials in the app, customers want the payments to be quicker, customers wish for an easy savings account opening feature, and customers demand real-time currency exchange. What does it tell you? That your clients prioritize investing and saving, so you should focus on such features and services in general, not only implement those mentioned in the surveys.

Conclusions

Gathering and leveraging customer feedback in digital banking is critical if you want to provide services tailored to your client’s needs. CRM data is not enough, so you should utilize other ways of collecting insights from the clients, such as surveys, focus groups or even posts on social media. Yet, at the same time, you need an efficient system that can gather all the data in one place, despite the channels used by the clients. A system like our next-generation banking solution.

You may also read: Customization in the Digital Era: Tailoring Services to Individual Preferences

Embracing the Pulse of Innovation in the Banking Landscape

Returning from the dynamic setting of Money20/20 in Las Vegas, the LiveBank Team returns with a wealth of discoveries and insights that shed light on the evolving roadmap of banking. The conference proved to be more than just a gathering of minds; it served as an exploration into the intersection of technology with the core of banking.

At the heart of our discussions was the resonating theme of technology’s intersection with humanity in banking. The days spent at Money20/20 weren’t just about banking trends; they were about capturing the essence of where banking, driven by AI is headed in an increasingly digital world.

AI: Beyond Algorithms to Personal Touches

The resonance between technology and personalization, especially through the lens of AI, was a central focus. It’s not just about algorithms; it’s about understanding and anticipating the unique needs of every customer. The aim is to create a more personal and intuitive journey, transcending the mere digitization of processes.

Cloud Technology: Redefining Connections

The discussion centered around the transformative potential of cloud technology. The integration of cloud technology was not merely about data efficiency but a gateway to unlocking enriched customer relationships. The cloud isn’t just about storing information; it’s a platform for innovation, connecting customers in ways that were previously unimaginable. This innovative approach redefines how customers interact with banking services, fostering a level of connectivity that transcends traditional boundaries.

LiveBank team members, Mateusz Grys and Maciej Mazurkiewicz, were part of engaging panel discussions that explored the innovative use of AI in fraud prevention, anticipated future banking trends in the US & LATAM, and navigated the evolving landscape of customer-centric banking ecosystems. Additionally, Mateusz and Maciej shared insights and experiences in an interview with FinTech Futures. You can watch the interview below to delve deeper into their valuable contributions.

The overriding sentiment at Money2020 was one of invaluable learning and foresight. Our experience is a testament to the harmonious blend of technology and the heart in banking – where the power of innovation converges with the time-honored principles of trust, personalized service, and meaningful human connections.

As the curtains close on Money20/20, our vision for the future is crystal clear – it’s about crafting an empathetic future that seamlessly integrates technology and human values for the best customer experience. We look forward to continuing this journey, crafting the future of banking together. Stay tuned for more exciting updates on our blog as we navigate the ever-evolving landscape of banking innovation.

Reach out to contact@livebank24.com and dive deeper into the discussion or explore further collaboration opportunities.